- The FTT token has skyrocketed by 28% within the final 24 hours.
- The upcoming FTT token distribution might be a cause for this improve.
- Pudgy Penguin has reserved a small quantity of its token for FTT holders.
FTT, the native token of bankrupt digital asset alternate FTX, surged 28% up to now 24 hours to $3.51, its highest value since January 2024. crypto speculates that the upcoming distribution of tokens as a part of the alternate's chapter proceedings is likely one of the most important causes for the rise of digital property.
In response to knowledge from CoinMarketCap, FTT has a market capitalization of $1.15 billion, placing it again on the record of prime 100 digital property by market capitalization. It presently ranks 109th on the web site. Over the previous 30 days, the altcoin is up 109.13%, and 54.50% up to now week alone.
Earlier this yr, a courtroom permitted the FTX property's chapter plan, permitting the alternate to repay a large $16.5 billion to collectors of the defunct digital asset buying and selling platform. U.S. Chapter Decide John Dorsey permitted the plan, praising administration for dealing with the “very complicated Chapter 11 chapter proceedings.”
The upcoming launch of PENGU, the official token of the Pudgy Penguin non-fungible token (NFT) venture, is another excuse for the FTT token value surge. A small portion of the airdrop provide is reserved for FTT holders, which has pushed the altcoin's value to new highs.
Additionally Learn: FTX's FTT Token Defies Logic, Buying and selling at $2 Regardless of Chapter
TTF Worth Evaluation
The each day chart offered by TradingView under confirms that FTT has been trending increased over the previous few weeks, with the broader market additionally turning bullish. Moreover, the altcoin’s quantity has been steadily rising, indicating elevated investor curiosity.
The relative energy index (RSI) reveals a price of 81.69, which implies that the FTT token is overbought and will see a correction. Nonetheless, given the slope of the road, it’s seemingly that the altcoin will proceed to put up increased highs if the market as an entire stays secure and bullish.
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